ABG Acquisition I, a blank check company formed by Ally Bridge Group targeting the healthcare sector, filed on Monday with the SEC to raise up to $120 million in an initial public offering.
The New York, NY-based company plans to raise $120 million by offering 12 million shares at $10. The company is not offering units with warrants attached. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, ABG Acquisition I would command a market value of $154 million.
The company is led by CEO and Director Frank Yu, the founder, CEO, and CIO of global healthcare-focused investment group Ally Bridge Group. He is joined by CFO and Director Daniel Johnson, who is the CFO of Ally Bridge Group (NY). The company plans to target the global healthcare industry, with a particular focus on the biotechnology and medical technology verticals.
ABG Acquisition I was founded in 2020 and plans to list on the Nasdaq under the symbol ABGI. The company filed confidentially on December 14, 2020. Jefferies is the sole bookrunner on the deal.
